Yes, but: Where Thursday's sanctions do break new ground is in the cyber realm. The U.S. government formally accused Russia's Foreign Intelligence Service of the SolarWinds hack and identified its collaborators in painstaking detail, as German security expert Thomas Rid notes in an illuminating Twitter thread. And a ban on U.S. banks directly buying Russian government bonds could create a "broader chilling effect" that will weaken the ruble and have negative implications for inflation and economic growth, a senior administration official told reporters. But the ability for investors to continue buying Russian bonds on the secondary market diminishes the overall effect of the restrictions — reflecting Biden's desire to send a clear message to the Russians without taking it too far.